STOCK MARKET REFINANCE SCHEME

Loan disbursement time extended to March 31

Staff Correspondent | Published: 23:53, Dec 24,2017 | Updated: 00:07, Dec 25,2017

 
 

Time for loan disbursement from the capital market refinancing scheme has been extended by three more months to ensure full utilisation of the fund.
The decision was made at the supervision committee meeting regarding the loans distribution of the fund on Sunday.
The government launched the scheme worth Tk 900 crore in 2013 for the investors who were affected by the 2010-11 market crash.
Despite repeated attempts, the fund supervision committee could not disburse over Tk 258 crore from the fund.
No loan from the scheme was disbursed since April 21, 2016 due to lack of investors’ interest.
Bangladesh Securities and Exchange Commission executive director Saifur Rahman said any investors who are interested to get loan from the fund can apply until March 31 next year.
Saifur Rahman is the convenor of the supervision committee.
The investors who already took loans and returned the balance can also apply for loans from the scheme, Saifur said.
The committee made the decision to ensure full utilisation of undisbursed fund, he said.
Investment Corporation of Bangladesh, the loan disbursement agency of the scheme, so far has distributed Tk 642.09 crore in loans from the Tk 900-crore scheme.
The government tried to lure the investors by cutting the interest rate of the fund by 1.5 per cent to 6 per cent from 7.5 per cent on September 27.
The tenure of the refinancing scheme was also extended for the third time by two years to December 31, 2019 as the tenure of the scheme was scheduled to end on December 31, 2017 to ensure full utilisation of undisbursed fund.
The affected investors, who invested up to Tk 10 lakh each during the period between January, 2009 and November, 2011, are eligible for getting loan under the scheme.

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